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ID:347951
大小:46.50 KB
页数:10页
时间:2017-07-26
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1、本科毕业论文外文翻译外文题目:MergersandAcquisitions出处:TheNationalInterest—Summer200作者:RichardRosecrance原文:MergersandAcquisitions.------------------------------------RichardRosecranceTalkaboutempirehasbecomeacliche.HistoriansandeconomistsbusythemselvescomparingAmerica'sco
2、ntemporaryrolewithRome,NapoleonicEranceandimperialBritain.Theyassumethatempireistheonlymodelforastateseekingtoprojectpowerandinfluence—ignoringalternativesfromthebusinessworld.Afterall,businessesconfrontmanyofthesamedifficultiesthatstatesface.Whencompetitor
3、semerge,firmsundergopressure.Acorporationmayreducethecostofitsproductsbycuttingthecostsofrawmaterialsandlabor,increasingsalesandfindingnewtechnologicalfixes—justasastatemighttrytoincreaseeconomicgrowth,enhanceproductivityordevelopnewweaponssystems.Butifacom
4、panyreachestheHmitsofitseconomicmarket,itmayconsideramergerwithlike-mindedcompaniestocopewithacompetitor.Statesreachingthelimitsoftheirviabilityasself-sufficientactorscanadoptmergerstrategies,too.Indeed,topreserveitsglobalinfluencethroughoutthecourseofthe21
5、stcentury,thisisapaththeUnitedStatesmustconsider.Whydocompaniespursuemergers?Mergersgivecompaniesgreaterflexibility.Theyachievegreaterscalewithoutincreasingproduction.Ifnewproductsareinvolvedinthemerger,acombinedfirmcanavoidanti-trustproblems.Largerscaleall
6、owsacompanytomaintainitspositionintheindustry.Usuallyitcaninvestinnewproducts,runhigheradvertisingbudgetsandsometimesachievelowerprices.Alargeproducercangetrawmaterialsatreducedcost.Wal-Mart,thecontemporaryexemplarofcorporateexpansion,hasnotshrunkfromplungi
7、ngintonewmarketsandcuttingprices—therebyforcingthemergerbetweenK-MartandSears.NowGilletteiscombiningwithProctorandGambletooffsetWal-Mart'sdominationinthehouseholdsector.Verizon'ssuccessincommunicationsisprovokingaconnectionbetweenNextelandSprint,andVerizoni
8、sinturnseekingtoacquireMCI.OracleandPeopleSoftaremergingtocounterSAPinenterprisesoftware.Hewlettt-PackardmergedwithCompaqtomatchDellComputer'sgainsandisopentonewmergerstrategies.Mergersgivenationssimil
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